The closed Kansas City Club on Tuesday found a buyer for its building on Baltimore, after 39 rounds in a courthouse auction.
Epoch Development LLC, which at one point had a deal to buy the bankrupt club’s headquarters, was the winning bidder at $1.76 million, according to bankruptcy court records.
The 133-year-old club closed its doors in May after struggling financially and relying on financial support of key members and its board to stay afloat. It filed for bankruptcy in June with plans to sell its building, valued at the time at $1.9 million.
Epoch struck a deal in August to buy the structure at 918 and 920 Baltimore Ave. for $1.25 million, an agreement filed with the court showed. But another pair of interested buyers intervened.
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HBH&S Overland Park LLC and Greenwood Property Management Co. LLC “intended to offer substantially more” than the agreed on price, a report from the bankruptcy trustee said.
So, the auction was set with a minimum price of $1.275 million and the bidding began with minimum raises of $10,000.
HBH&S Overland Park and Greenwood Property were the designated “backup bidder” at $1.75 million, according to the court. It would step in should Epoch Development fail to complete a purchase.
A report by the Kansas City Business Journal said Epoch Development is based in Denver and is considering renovating the building as event or club space.
The Kansas City Club owes $600,000 to Security Bank of Kansas City, Kan., under a mortgage on the building. Two individuals also have liens against the property totaling about $590,000, which will be converted to unsecured claims, according to a court filing.
Club officials had told members they hoped to revive the club in the future.